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Does ProSeries have capability to enter each partner's individual income/expenses under one partnership.  

Scenario: 1 partnership, 4 partners, all have 25% each, but each has their own gross income and expenses. Is there an option in ProSeries to enter each individual partner's income/expenses, keeping it all at 25% each and then having a K1s printed with individual net income (as all had different gross/expenses)?

Status: New
0 Votes
Vote now if this is a good idea
Level 13

Is this really a Partnership?  It sounds like 4 separate Sole Proprietorships.


Level 15

If it is a partnership they are doing allocations by formula. Does the Operating Agreement provide for this?

You would need to Specially Allocate everything. What a pain in the tuchus.

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